Getting into any new business is always full of uncertainty. You never quite know how things are going to proceed. But when you settle on something ultra-niche, you need to be sure that it’s the right decision. Accounting is a popular career choice that thousands of people make every year. What’s more, there are particular types of accounting you can get into, as explained by https://www.copas.org/oil-and-gas-accounting-cpe-courses/. But is starting an accounting business right for you? Let’s take a look.
Accounting Is Both An Interest And A Passion
For many people, playing with numbers feels bland. Working with numbers is definitely not my specialty. But when you’re an accountant, nothing is more satisfying than balancing the books.
What’s more, if you can work in a sector or industry that interests you, that can make the process even more enjoyable. Many accountants work on small business accounts. But if you take your professional development in a niche direction, you can provide accounting services for practically any type of business, no matter how large or small.
Passion Isn’t Enough With An Accounting Business
To be a successful accountant, passion isn’t enough. It would help if you also had aptitude – the ability to walk into any situation and balance a company’s books.
If you’re a natural math whizz, you should have no problem. You’ll be able to reconcile accounts and produce accurate financial statements. However, if you struggle with this type of detailed work, you may need to be honest with yourself about your ability to do the job well.
You Don’t Have Much Competition
While competition is great for consumers, it’s not so good for producers. It makes turning a profit extremely hard. Therefore, you want to find niche accounting opportunities where competition is minimal, according to Thomas Smale in his article, 5 Steps You Can Use to Find Your Nice. You don’t want to go into sectors full of graduates trying to do the same thing as you. Narrow down the competition by deciding on what industry you want to specialize in. Look for opportunities to learn rare skills that only you and a handful of other people have.
It’s A Profitable Venture
Related to this is the idea that going into niche accounting should be a profitable venture. The spread of wages in the accounting industry is relatively high. Some accountants are earning 30K while others rake in more than six figures annually.
Before you do anything, you need to calculate the return on your investment. If you spend time and energy educating yourself, you need to work out the likely salary you’re going to get in return. Then you will also need to figure out whether this will allow you to meet your lifestyle objectives. In some cases, you’ll discover that your niche is not profitable enough, in which case, you may want to change it.
It Works When You Test It
Lastly, you might want to test your niche to see if it interests customers. Try a particular accounting approach for a few months and see if the demand is there. If the need is not there, don’t give up. You may have to make a few changes, but you can still create a viable accounting business.
Niche accounting can be a great career choice, but it also needs to be the right one for you. It needs to be interesting and provide you with a sufficient[one-sixth-first][/one-sixth-first][one-sixth][/one-sixth][one-sixth][/one-sixth][one-sixth][/one-sixth][one-sixth][/one-sixth][one-sixth][/one-sixth] income. Take time to do the research, explore your options, and when you are ready, start your accounting business. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive, Leadership, and Mentor Coach. She is the President of Infinity Coaching, Inc., where she can help you up-level your skills so that you can up-level your income, career, business, or life. Infinity Coaching, Inc. provides organizational training and one-on-one and group coaching. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator Assessment. You can find out more about both assessments and other products and services at https://infinitycoaching.net.
